WHAT IS THE WITH PROFITS PENSION ANNUITY?
• Its a plan that provides you with an income for life. You buy it with your pension fund. • You may be able to take a tax-free cash sum of up to 25% of your pension fund when you buy your With- Profits Pension Annuity. Your financial adviser will be able to to give you more details. • The minimum fund to buy your pension is 20,000 (after taking any tax-free cash sum). • It can provide a dependant with a pension when you die. • We invest your pension fund in our With-Profit Fund. Your pension will change each year depending upon the bonuses we add. • You choose an Anticipated Bonus Rate within a range of 0 to 4% in 0.25% steps. This will set your initial pension. A higher rate will give you a higher initial pension but increases the risk that your pension may go down in the future.
